Bitcoin had a rough weekend.
After hitting a high of $106,000 on Friday, it quickly dropped to just above $103,000. It hung around $104,000 for a while, but then took another dive late Saturday, falling to about $101,500. So, what’s the deal?
The $100,000 Support Level
Crypto analyst, Titan of Crypto, thinks Bitcoin might test a crucial support level. Looking at the weekly chart, they see the next big support zone between $99,000 and $100,000.
This zone is important because of two things:
- Fair Value Gap (FVG): This is basically a price range where there wasn’t much trading activity. Prices often correct to fill these gaps.
- Tenkan-sen: This is a line from the Ichimoku Cloud indicator, often used to spot short-term trends and potential support/resistance levels.
Since both the FVG and the Tenkan-sen line up around $100,000, Titan of Crypto believes this could act as a support cushion for Bitcoin. Holding above $100,000 is crucial, both short-term and long-term. Bitcoin hasn’t been below $100,000 since May 8th, and it even hit $110,000 twice since then.
Bitcoin’s Current Status
After bottoming out around $101,400 on Saturday, Bitcoin has climbed back up to around $103,000. At the time of writing, it’s hovering around $102,845, down about 0.4% in the last 24 hours.
